HIGHLIGHTS OF THE METER ASSET PROVIDER REGULATIONS, 2018
Electricity metering and attendant collection losses are well-known prevalent problems in the Nigerian Power Sector (the “Sector”). Despite the launch of the Credit Advance Payment for Metering Implementation in 2011 (“CAPMI”)1, several metering/billing systems remain in practice – most notoriously, the estimated post-paid meter reading billing system and prepaid metering system. The lack of uniformity in the metering system has caused huge collection losses and has adversely impacted the financial position of distribution companies (“DisCos”) in the Sector.
ALTERNATE DIRECTORS - THE LAW, THE PRACTICE
Section 244 of the Companies and Allied Matters Act1 (“CAMA”) defines directors of a company as persons duly appointed by the company to direct and manage the business of the company. A director owes extensive duties and statutory obligations to the company as she/he is regarded as being in a fiduciary relationship with the company. Consequently, a director is required to always act in utmost good faith and in the best interest of the company.
Suspension Of Waivers For The Manning Requirement Of The Coastal And Inland Shipping (Cabotage) Act, 2003 And Detention Of Vessels As A Result
On 19th April 2018, the Assistant Director (Western Zone), Maritime Labour Department of the Nigerian Maritime Administration and Safety Agency (“NIMASA”), informed stakeholders that following the suspension of the grant of waivers from the manning requirement of the Coastal and Inland Shipping (Cabotage) Act 2003 LFN 2004 CAP. C51 (“Cabotage Act”), vessels with foreign seafarers working onboard will be detained with effect from 1st June 2018. The suspension of the grant of waivers from..
Action to Recover Solicitor's Fees - Locus Standi and Privity Hurdle: The case of Rebold Industries Limited v. Mrs. Olubukola Magreola & 2 Ors reviewed
Under Nigerian law, one who practices a profession and renders his professional services to another at his request is entitled to receive remuneration or professional fees from the beneficiary of such services unless he voluntarily waives the payment. In the case of a legal practitioner, one of the options open to recover fees or costs due to him in his
Enforcing the Cabotage Act within Nigeria’s Territorial Waters
The Coastal and Inland Shipping (Cabotage) Act (the Cabotage Act) was enacted in 2003 and came into force on 1st May 2004. The Cabotage Act is administered by the Nigerian Maritime Administration and Safety Agency (NIMASA), which is the regulatory agency for Nigeria’s maritime industry. The main objectives of the Cabotage Act are to increase indigenous participation in the Nigerian maritime industry, encourage/empower Nigerians to acquire cabotage vessels and increase Nigerian tonnage.
Local Content- Strategies And Partnerships For Developing Successful FPSO Projects In Nigeria
Nigeria has 37 billion barrels of crude oil reserves Offshore accounts for at least 80% of its total production IOC’s rebalancing their portfolios towards the offshore IOC divestments attracting junior players that can attract International equity to develop assets New oil and gas discoveries by UK listed companies - Afren and Lekoil Relative stability of offshore production remains attractive 99 billion will be spent on floating production systems in the next 5 Years Projected spend represents a 138% increase over preceding 5 years
Mergers And Acquisitions In Nigeria: Laws And Procedure
A merger is defined by the Investment and Securities Act of 2007 as any amalgamation of the undertakings or any part of the undertakings or interest of two or more companies or the undertakings or part of the undertakings of one or more companies.
Image Rights: How Can I Control the Use of my Image
Photographs are visual tools; you would agree that you are not likely to believe something exists unless you see it in person, or at least see a photograph of it. Photographers hope to tell a story or convey some level of information or knowledge to the public.